Thursday, July 9, 2009

Same Stores Sales Suck More Than Anticipated

WSJ reports:

Retailers posted yet another month of dropping same-store sales as June's figures came in below analysts' already dismal expectations amid bad weather and consumers' continued reluctance to spend.

Analysts have already said weather would likely hurt the sales results, since summer seasonal sales were far down because of cool temperatures and rain in the Northeast and mid-Atlantic regions. Several companies have said that was the case. Retailers also suffer from tough comparisons to last year, when consumers were still getting their government stimulus checks.

Where's Walmart you ask?
The industry's results were only the second without Wal-Mart Stores Inc. (WMT) in 30 years. The world's largest retailer said in May it would stop giving monthly sales data, following the lead of other smaller peers in recent years.

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